By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter.
Lawmakers in the Senate and House of Representatives are seeking to reinstate the firewall between commercial and investment banking, which was removed in 1999 by the Gramm-Leach-Bliley Act.
Senators John McCain, R-Ariz., and Maria Cantwell, D-Wash., have joined forces to introduce legislation that would “return stability, security and confidence to commercial banking for the American public.” The senators stressed that banks need to be lending to small businesses and homeowners, not using deposits to fund risky investments on Wall Street.
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